"We are pleased with our financial performance during the third quarter, as strong RevPAR growth drove significant comparable hotel profit increases," said W. Edward Walter, President and Chief Executive Officer. "We have continued our disciplined approach to capital allocation and active portfolio management, which includes realizing profits as we completed our exit from New Zealand, and are now seeing the benefits of our broader strategy reflected in double-digit diluted EPS and Adjusted FFO per share growth year-over-year. We are also excited about the value we are creating through transformational redevelopment projects at several of our hotels, and looking ahead, see additional opportunities to enhance and further unlock the value of our real estate. We remain committed to delivering significant value to stockholders and have returned $802 million through dividends and stock repurchases year-to-date."

OPERATING RESULTS

(in millions, except per share and hotel statistics)

Quarter ended September 30,

Percent

Year-to-date ended September 30,

Percent

2016

2015

Change

2016

2015

Change

Total revenues

$

1,295

$

1,283

0.9

%

$

4,093

$

4,024

1.7

%

Comparable hotel revenues (1)

1,184

1,147

3.3

%

3,691

3,581

3.1

%

Net income

108

87

24.1

%

643

400

60.8

%

Adjusted EBITDA (1)

342

323

5.9

%

1,123

1,066

5.3

%

Change in comparable hotel RevPAR:

Domestic properties

2.8

%

2.7

%

International properties - Constant US$

29.0

%

14.3

%

Total - Constant US$

3.8

%

3.0

%

Diluted earnings per share

0.14

0.11

27.3

%

0.85

0.53

60.4

%

NAREIT FFO per diluted share (1)

0.37

0.34

8.8

%

1.28

1.12

14.3

%

Adjusted FFO per diluted share (1)

0.37

0.34

8.8

%

1.28

1.15

11.3

%

___________

(1) NAREIT Funds From Operations ("FFO") per diluted share, Adjusted FFO per diluted share, Adjusted EBITDA and comparable hotel results are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission ("SEC"). See the Notes to Financial Information on why the Company believes these supplemental measures and other non-GAAP financial measures identified in this press release are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures.